[twitter.com/pcitplus] Most insurance companies are considering increasing their IT budgets. According to a recent report by Novarica: “Annual US Insurance IT Budgets and Priorities”, reports an increased focus on growth enabled by analytics investment.

The report which collates responses from over 100 companies stresses that the higher budgets are hitched to expected increases in premium – indicating a focus on growth in the industry.

http://blog.oktopost.com/wp-content/uploads/2012/11/rising-budget.jpgManaging director and Author of the report, Matthew Josefowicz says, “Growth and operational effectiveness continue to be the top strategic goals driving insurer IT budgets, with competitive parity also ranking highly.”

While factors like policy administration and other core systems were the main priorities of insurers, the survey also found that insurers – especially large P&C insurers – are heavily investing in big data and analytics. Novarica also reported that large P&C companies are deploying, piloting, or planning to pilot big data technology…

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